A publication run by China’s ruling Communist Party has denied reports that the nation’s central bank is on the verge of launching a cryptocurrency.
Forbes’ Michael del Castillo reported on August 27 that the national bank’s digital currency will be a permissioned blockchain controlled by the central bank, and is intended to replace the bills and coins used in daily transactions rather than the renminbi itself.
The People’s Bank of China (PBOC) Deputy Director Mu Changchun said the bank’s “digital currency can now be said to be ready” at the China Finance 40 Forum in Yichun this weekend, according to Shanghai Securities News.
On Thursday, Sun wrote an abject, public apology on his Chinese Weibo account for “over-marketing” his high-profile lunch with Berkshire Hathaway chairman and CEO Warren Buffett. Two months ago, Sun spent $4.6 million in a charity auction to win the lunch with the legendary investor, and has been hyping it by inviting his seven allotted guests one at a time via Twitter.